Another perspective released today is that everyone has spent $10,ooo each on the bailout of economies.
$ 10 trillion is a lot of value, but may not mean much to anyone. It’s enough to buy a country, or two.
We are were we are. The money is gone.
The question remains about whether or not we are going to make the same mistakes again. It’s not as if this was the first time after all. There is a long history of fraud and incompetence and hubris fuelling moral hazard to distort reality.
The problem is that it is the same people in charge as got us here. Or at least the same kind of thinking. A primitive, command and control mentality still drives policy and behaviour. We must take responsibility for the consequences of our spending and investment decisions. We understand the situation well enough. We just continue to allow integrity to fail.
It’s time to change course.